Atlantic Canada Business Grants

Communities (rural)

Multi-Unit Residential Loan Program

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Amount:

No Fixed Amount

Type of Program:

Loan

Description:

The Multi-Unit Residential Loan Program provides loans to property developers which will assist in the construction of multi-unit residential developments on PEI. A multi-unit development consists of 2 or more units.

Comments on Funding:

Funding will be up to a maximum of $4M, with up to a maximum of 90% loan to value for new construction and up to a maximum of 80% of loan to value for renovations.
There will be a 4% fixed interest rate for up to a 10 year term amortized over 25 years (30 years on exception in rural areas).
Loan may be prepaid at any time, without penalty.

Securities are required: first position mortgage, and unlimited personal guarantees.
The borrower and guarantor must provide their covenant/guarantee for 100% of the loan for deficiency after enforcement of security. 

When It Ends:

Ongoing

Deadline:

Rolling deadline

Eligibility:

Applicants must:

  • be in the Community Housing sector (e.g. non-profit housing organizations and rental co-operatives),
  • private entrepreneurs/builders/developers,
  • demonstrate property management experience,
  • have excellent credit and repayment history at least break even cash flow over past five years,
  • demonstrate construction management experience,
  • demonstrate the financial viability of the project itself, as well as capacity to deal with development risks such as cost over-runs and delays in construction.

Application Steps:

Applicants must:

1

complete and submit an application and relevant business plan and projections to an account manager with Finance PEI,

2

 participate at an interview with the account manager to discuss the business proposal and the next steps to determine eligibility.

Documentation Needed: 

Applicants must submit:

  1. 1
    an application, 
  2. 2
    business plan or “business plan form”,
  3. 3
    current “statement of personal financial affairs form” for all shareholders and any proposed third party guarantors,
  4. 4
    accountant prepared financial statements including balance sheets and income statements for last three years,
  5. 5
    aged listing of accounts receivable and accounts payable ,
  6. 6
    written verification of all debt outstanding with major creditors (“credit verification form” to be completed by your major creditors),
  7. 7
    detailed list and estimated value, of land, buildings, and equipment owned (include the applicable provincial id number(s)),
  8. 8
    resume of owners (new applicant),
  9. 9
    copy of letters of patent or articles of incorporation,
  10. 10
     income tax returns for the last three years for each individual partner, if a sole proprietor/partnership,
  1. 11
    a copy of the trade name registration, if operating under a trade name,
  2. 12
    breakdown of working capital requirements to include cashflow projections for remainder of current year and next year, if applicable,
  3. 13
    interim financial statements for current year to date, current aged accounts receivable, accounts payable and projected to year end, if applicable,
  4. 14
    details of current inventory, if applicable,
  5. 15
    copy of purchase and sale agreement, if applicable,
  6. 16
    copy of legal description and survey of real property being purchased, if applicable,
  7. 17
    written cost estimates for new construction and/or renovations. other information pertinent to the request, if applicable,
  8. 18
    other information pertinent to the request. 

Other Things to Note:

No other details available.
Published date: June 17, 2020

Program Contact:

Multi-Unit Residential Loan Program

Application for Financial Assistance

Community Capacity Building Program – Rural Growth Initiative

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Amount:

$20,000

Type of Program:

Grants

Description:

The Community Capacity Building Program provides financial assistance in the form of a non-repayable contribution to non-profit organizations and cooperatives and municipal governments to cultivate high levels of strategic expertise to support rural communities in Prince Edward Island to identify solutions for complex problems.

Comments on Funding:

Funding is normally up to 50% of eligible costs, up to $20,000 per application.
The applicant should normally contribute a monetary minimum of 10% of the total project cost (in kind ineligible).
Federal and Provincial funding cannot normally exceed 75% of the total project costs. 

When It Ends:

Ongoing

Deadline:

Rolling Deadline

Eligibility:

The applicant must:

  • Incorporated and non-profit organizations which have a mandate for community and/or economic development,
  • non-profit cooperatives that do not share dividends,
  • municipal governments,
  • having projects that cultivate high levels of strategic expertise to support rural communities in Prince Edward Island to identify solutions for complex problems.

Application Steps:

Applicants:

1

should contact a Community Development Officer prior to preparing an application for funding,

2

must submit their applications to the attention of the Community Development Officer via email at RGPR-CPRMR@gov.pe.ca or via regular mail.

Program Contact:

Community Capacity Building Program - Rural Growth Initiative

Economic Growth Program – Rural Growth Initiative

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Amount:

$50,000

Type of Program:

Grants

Description:

The Economic Growth Program provides financial assistance in the form of a non-repayable contribution to non-profit organizations and cooperatives and municipal governments to reduce barriers for economic growth through investing in activities which cultivate entrepreneurialism and support the implementation of strategic economic development plans.

Comments on Funding:

Funding is normally up to 50% of eligible costs, up to $50,000 per application.
The applicant should normally contribute a monetary minimum of 10% of the total project cost (in kind ineligible).
Federal and Provincial funding cannot normally exceed 75% of the total project costs. 

When It Ends:

Ongoing

Deadline:

Rolling deadline

Eligibility:

The applicant must:

  • Incorporated and non-profit organizations which have a mandate for community and/or economic development,
  • non-profit cooperatives that do not share dividends,
  • municipal governments,
  • having projects which cultivate entrepreneurialism and support the implementation of strategic economic development plans in rural areas on Prince Edward Island.

Application Steps:

1

should contact a Community Development Officer prior to preparing an application for funding,

2

must submit their applications to the attention of the Community Development Officer via email at RGPR-CPRMR@gov.pe.ca or via regular mail.

Program Contact:

Economic Growth Program - Rural Growth Initiative

Inclusive Communities Program – Rural Growth Initiative

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Amount:

$2,500

Type of Program:

Grants

Description:

The Inclusive Community Program provides financial assistance in the form of a non-repayable contribution to non-profit organizations and cooperatives and municipal governments to cultivate inclusiveness and support population retention rates by promoting a culture where newcomers feel they belong and their skills are valued.

Comments on Funding:

Funding is normally up to 50% of eligible costs, up to $2,500 per application.
The applicant should normally contribute a monetary minimum of 10% of the total project cost (in kind ineligible).
Federal and Provincial funding cannot normally exceed 75% of the total project costs. 

When It Ends:

Ongoing

Deadline:

Rolling Deadline

Eligibility:

The applicant must:

  •  Incorporated and non-profit organizations,
  • non-profit cooperatives that do not share dividends,
  • municipal governments,
  • having projects that will promote a culture where Prince Edward Island newcomers feel they belong and their skills are valued (events, networking, training and workshops, conferences, and others).

Application Steps:

Applicants:

1

should contact a Community Development Officer prior to preparing an application for funding,

2

must submit their applications to the attention of the Community Development Officer via email at RGPR-CPRMR@gov.pe.ca or via regular mail.

Program Contact:

Inclusive Communities Program - Rural Growth Initiative

Community Revitalization Program – Rural Growth Initiative

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Amount:

$100,000

Type of Program:

Grants

Description:

The Community Revitalization Program provides financial assistance in the form of a non-repayable contribution to non-profit organizations and cooperatives and municipal governments to support the revitalization of rural communities through strategic investments in infrastructure that is important for rural culture, society, and economic development.

Comments on Funding:

Funding is normally up to 50% of eligible costs, up to $100,000 per application.
The applicant should normally contribute a monetary minimum of 10% of the total project cost (in kind ineligible).
Federal and Provincial funding cannot normally exceed 75% of the total project costs. 

When It Ends:

Ongoing

Deadline:

Rolling deadline

Eligibility:

The applicant must:

  • Incorporated and non-profit organizations which have a mandate for community and/or economic development,
  • non-profit cooperatives that do not share dividends,
  • municipal governments,
  • having projects that will promote economic initiatives in Prince Edward Island with respect to regional development, diversification, innovation, and key sectors.

Application Steps:

1

should contact a Community Development Officer prior to preparing an application for funding,

2

must submit their applications to the attention of the Community Development Officer via email at RGPR-CPRMR@gov.pe.ca or via regular mail.

Program Contact:

Community Revitalization Program - Rural Growth Initiative